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PROFESSOR ALESSANDRA GUARIGLIA
Address Department of Economics
Birmingham Business School
JG Smith Building
University of Birmingham
Edgbaston
Birmingham, B15 2TT
United Kingdom
E-mail: [email protected]
Tel: 44- 121- 4148312
Mobile: 44-799-0608235
Fields of specialization
Links between macroeconomic activity and finance; Firm behavior under imperfect
capital markets; Economics of transition in China; Household saving and
consumption decisions; Health economics.
Teaching interests
Graduate: Financial Economics, Research Methods, Money and Banking.
Undergraduate: China and the World Economy, Monetary Economics, Financial
Economics, Macroeconomics, Applied Econometrics, Statistics, Mathematics.
Education
Doctor of Philosophy (Economics), May 1995, Boston University.
Master of Arts in Political Economy, January 1993, Boston University.
Laurea in Economia e Commercio, magna cum laude, July 1988,
Università degli Studi di Roma, “La Sapienza”.
2
Leadership courses
Completed the Senior Leadership Program delivered by the University of
Birmingham’s “People and Organisational Development” Department for
nominated academics (February 2013).
Completed the Academic Leaders Program delivered by the Leadership Foundation
for Higher Education for nominated academics from the Universities of Durham
and Newcastle (June 2012).
Completed the certified CPD course Developing Industry Partnerships delivered
by Understanding ModernGov (February 2014).
Full-time academic appointments
September 2012 - : Professor of Financial Economics, Department of Economics,
Birmingham Business School, University of Birmingham.
Teaching: Advanced Research Methods (PhD), China and the World Economy
(second year undergraduate), Econometrics for Health Economists (MSc).
April 2009 – September 2012: Professor of Financial Economics, Durham Business
School, Durham University. Head of the Department of Economics and Head of
the Department of Accounting and Finance.
Teaching: Money and Banking (MSc), Research Methods (MSc), and Monetary
Economics (third year undergraduate).
January 2007 – April 2009: Associate Professor and Reader in Financial
Economics, School of Economics, University of Nottingham.
Teaching: Applied Money and Finance (MSc); Money and the Macroeconomy
(second year undergraduate).
July 2003-December 2006: Associate Professor, School of Economics, University
of Nottingham.
Teaching: Applied Money and Finance (MSc); Money and the Macroeconomy
(second year undergraduate); Monetary Economics tutorials (third year
undergraduate); Macroeconomics tutorials (MSc).
August 2000-June 2003: Lecturer, Department of Economics, Keynes College,
University of Kent.
Teaching: Macroeconomics (undergraduate / MSc).
1995-2000: Lecturer, Department of Economics, University of Essex.
Teaching: Applied Money and Finance (undergraduate); Mathematics, Statistics,
and Econometrics (undergraduate/MA); Applied Econometrics (MA).
3
Other appointments
1992-93 and 1994-1995: Teaching Assistant, Department of Economics, Boston
University.
March 1989-August 1990 and summer 1991: Staff Economist, Economic Research
Department, Banco di Roma, Rome, Italy.
Editorial appointments
2012 - : Associate Editor, European Journal of Finance.
2011 - 2015: Associate Editor, Journal of Banking and Finance.
Member of the Scientific Committee of the International Finance and Banking
Society (IFABS) 2012 and 2013 conferences, respectively held in Valencia and
Nottingham in June 2012 and 2013.
Member of the Scientific Committee of the Accademia Italiana di Economia
Aziendale (AIDEA) bicentenary conference held in September 2013 in Lecce
(Italy).
2011, 2012, 2013, 2014, 2015: guest editor of five special issues of the European
Journal of Finance on Chinese capital markets, associated with conferences held at
Durham Business School in September 2011 and June 2012, at the University of
Edinburgh Business School in July 2013, at the University of Nottingham Ningbo
campus in May 2014, and at the University of Manitoba (Canada) in July 2015
(with D. Cumming, W. Hou, and E. Lee).
2012: guest editor of a special issue of the International Small Business Journal on
“Exploring Entrepreneurial Activity and Small Business Issues in the Chinese
Economy” associated with a conference held in Shenzhen (China) in August 2012
(with D. Cumming, W. Hou, E. Lee, and A. Newman).
2013: guest editor of a special issue of Business History on “the History and
Evolution of Entrepreneurship and Finance in China” associated with a conference
held in Pingyao (China) in August 2013 (with D. Cumming, W. Hou, and E. Lee).
Managerial/administrative duties
at Birmingham
o Head of the Department of Economics (2012-2015)
o Member of the Business School’s Senior Management Team (2012-
2015)
o Member of the University Senate (2014-2018)
o Director of the MSc Program Money, Banking and Finance (2015- )
o Director of the MSc Program International Money and Banking (2016-)
4
at Durham
o Head of the Department of Economics (from April 2010 to September
2012).
o Head of the Department of Accounting and Finance (from April 2009
to September 2012).
o Director of the Durham Business School China Development and
Research Centre.
o Member of the: Business School’s Senior Management Team; MSc
Programme Committee; PhD Programme Committee; DBA Programme
Committee; Board of Studies; University Senate.
at Nottingham: co-director of admissions for the School of Economics’ Master’s
programme; Postgraduate Teaching Committee; School Strategy Group; University
Senate; Teaching Liaison Committee Economics-Chinese Studies. Responsible for
creating and coordinating the following postgraduate degree programs: MSc in
Applied Economics and Financial Economics; MA in Applied Economics and
Financial Economics with Chinese Studies; MA in Applied Economics and
Development Economics with Chinese Studies; MA in Applied Economics and
Financial Economics with Chinese Language. Organizer of the School’s Internal
Workshops series.
at Kent: Senior Tutor; Teaching and Learning Committee.
Consultancies
November 2006-December 2007: World Institute for Development Economics
Research (UNU-WIDER). This led to the preparation of the paper: “Export
Productivity, Finance, and Economic Growth: are the Southern Engines of Growth
Different?” (with A. Santos-Paulino). UNU-WIDER Research Paper No. 2008/27.
Refereeing and grant assessment
Refereeing: Economic Journal; Journal of Money, Credit, and Banking; European
Economic Review; Journal of International Economics; Journal of Banking and
Finance; Journal of Development Economics; Journal of International Money and
Finance; Journal of Corporate Finance; Economica; Oxford Economic Papers;
Oxford Bulletin of Economics and Statistics; Journal of Economic Dynamics and
Control; Journal of Economic Behavior and Organization; Canadian Journal of
Economics; Scandinavian Journal of Economics; Southern Economic Journal;
Journal of Comparative Economics; China Economic Review; B.E. Journal of
Economic Analysis and Policy; Journal of Macroeconomics; Journal of the Royal
Statistical Society; Economic Inquiry; Scottish Journal of Political Economy; The
Manchester School; Bulletin of Economic Research; Labor; Labor Economics;
Australian Economic Papers; European Journal of Finance; Journal of Economics
and Business; International Review of Economics and Finance; International
5
Journal of the Economics of Business; Journal of Health Economics; Review of
Finance; Industrial and Corporate Change; International Review of Finance;
Applied Economics Letters; Emerging Markets Finance and Trade; Journal of
Applied Econometrics; Journal of Development Studies; The World Economy;
Social Science and Medicine.
Grant assessment: Economic and Social Research Council (ESRC); Nuffield
Foundation; British Academy; Leverhulme Trust; South African National Research
Foundation.
Honors and awards
2016: Winner of the University of Birmingham “Teaching Academy Award for
Educational Enhancement & Innovation in the Research Informed Teaching
Theme” (joint with R. Elliott and D. Dickinson).
2016: Nominated for the Outstanding Teaching Award 2016 by the Guild of
Students, University of Birmingham, College of Social Sciences.
2015, 2017, 2018: Nominated for the Award for Excellence in Doctoral Researcher
Supervision, University of Birmingham, College of Social Sciences.
2003-2004: Masters Economics Teaching Award, School of Economics, University
of Nottingham.
1993-94: Sloan Doctoral Dissertation Fellowship.
1992-93 and 1994-95: Graduate Scholarship, Boston University.
1990-91 and 1991-92: Fellowship Marco Fanno, Mediocredito Centrale, Roma.
Research grants
Obtained
2018: National Natural Science Foundation of China (RMB 550,000) on
“Economic Analysis on the Withdrawal of Foreign Invested Enterprises
from China.” (CI, with Changyuan Luo from Fudan University, China).
2016-2017: British Academy. International Partnership and Mobility
Scheme grant (£9,990) on “Financial Exclusion and Household Saving:
Evidence from China” (PI; with Dayong Zhang, Southwestern University
of Finance and Economics).
2010: British Academy small grant (£3,499) on “UK Firms’ Survival
Prospects under the Current Economic Crisis” (CI, with M. Spaliara,
University of Glasgow).
6
April 2009-December 2009: ESRC small grant (£74,420) on
“Understanding Enterprise Investment in China” (CI, with S. Ding,
University of Glasgow). Graded Very Good.
2009: assisted in the preparation of a successful ESRC grant application
aimed at supporting two Management and Business Development Fellows
at Durham Business School (£100K).
2007-2008: University of Nottingham ‘On-and-In-Asia Grant’ (£4,950),
“Explaining China’s Growth Miracle with Enterprise Data (1998 -2004).”
2001: University of Kent Faculty Research Fund Grant, “Is there a
Precautionary Motive for Saving in Russia?”
1998: University of Essex Research Promotion Fund, “The Role of Life
Assurance Pension Funds in Consumption and Income Smoothing: An
Empirical Analysis” (with S. Markose).
Unsuccessful
2018: National Institute of Health Research grant (NIHR; £4,935,846.00)
on “ NIHR Policy Research Unit in Economic Methods of Evaluation in
Health and Social Care Intervention (ETHoS)” (CI, with William
Hollingworth from the University of Bristol; Tracy Roberts and Hareth Al-
Janabi from the Health Economics Unit at the University of Birmingham;
and several others).
2016: ESRC-National Natural Science Foundation of China grant
(£398,789 + 1,998,000 RMB) on “Rebalancing the Chinese economy: The
effect of financial system reform on households and micro-enterprises” (PI;
with D. Dickinson, N. Horsewood, J. Yang and 11 academics from the
Southwestern University of Finance and Economics)
2015: ESRC-National Natural Science Foundation of China grant
(£733,148.12) on “Understanding China's Urban Dynamics: Urban
sustainability, networks and environmental risk” (CI; with R. Elliott and
several others).
2015: National Natural Science Foundation of China (RMB 2.6 million) on
“The Impact of Financial Policies on Corporate Investment and Financial
Behavior in China” (CI; with Chun Jiang and eight other applicants from
Wuhan University, China).
2012: ESRC: “The Internationalisation of Chinese firms: Implications for
Global Trade (with a Special Emphasis on Importance to the UK)” (CI;
£740,850; with R. Harris, S. Ding, J. Duckett, and M. Guo)
7
2012: ESRC: “Implications of Evolving Financial Markets, Financial
Structures and Financial Centres in Asia” (CI; £538,570; with P. Mizen, T.
Beck, J. Beaverstock, A. Leyshon, and S. Tsoukas)
2012: Leverhulme Trust: “Understanding UK Mergers and Acquisitions”
(PI; £226,586; with M. Guo and E. Black).
2011: DFID/ESRC: “Financial Structure and Economic Growth: the Case
of Ghana” (PI; £772,953.90; with B. Taub, M. Lau, P. Basu, M. El-Komi,
and R. Michie).
External/internal examining
Undergraduate courses
September 2013 – July 2017: University of Glasgow
July 2010-July 2012: University of Mauritius
January 2008-July 2010: City University, London
MSc courses
April 2010-October 2013: Imperial College Business School
PhD theses
March 2019, PhD, Department of Economics, University of Birmingham
January 2018, PhD, Department of Economics, Katholieke Universiteit
Leuven
January 2017, PhD; Economics, Finance, and Entrepreneurship Group;
Aston University
December 2016, PhD, Department of Economics, University of Nottingham
December 2016, DBA, Durham University Business School
June 2016, PhD, Department of Economics, University of Glasgow
July 2015, PhD, Department of Economics, University of Oxford
January 2015, PhD, Department of Economics, University of Birmingham
January 2014, PhD, Department of Economics and Management, University
of Trento
March 2013, PhD, Department of Finance, Tilburg University
January 2013, PhD, Department of Financial & Management Studies,
SOAS, University of London
January 2013, PhD, Business School, University of Nottingham
November 2012, PhD, Department of Economics, University of
Nottingham
8
July 2012, PhD, Department of Accounting and Finance, University of
Birmingham
January 2012, PhD, Department of Financial & Management Studies,
SOAS, University of London
November 2011, PhD, Department of Economics, University of
Birmingham
June 2011, PhD, Department of Economics, Katholieke Universiteit Leuven
January 2010, PhD, Department of Economics, University of Essex
January 2010, PhD, School of Management, University of Southampton
January 2010, PhD, Department of Economics, University of Bristol
June 2008, PhD, School of Economics, University of Nottingham
December 2007, PhD, School of Economics, University of Nottingham
September 2006, PhD, Department of Economics, University of
Birmingham
April 2005, PhD, School of Economics, University of Nottingham
April 2004, PhD, School of Economics, University of Nottingham
September 1999, PhD, Department of Humanities and Social Sciences,
Indian Institute of Technology Kanpur
Membership of professional bodies and research centers
Member of the Council of the Royal Economic Society: 2018-2023.
Member of the Royal Economic Society Publications Committee: 2019-2022.
Member of the American Economic Association; the European Economic
Association; the Chinese Economic Association; the Royal Economic Society.
External Fellow, Center for Globalization and Economic Policy, University of
Nottingham
External Fellow, Center for Finance and Credit Markets, University of Nottingham
Research Associate, Center for Global Finance, University of Nottingham, Ningbo
Campus.
9
Research student supervision
Completed
Danying Li (University of Birmingham); Household finance, consumption and
health; Evidence from China and European countries. Completion year: 2018. Now
Research Associate in the School of Social Policy at the University of Birmingham.
Yanan Zhang (University of Birmingham); Understanding saving, consumption,
and healthcare utilization in China. Completion year: 2018. Now Research
Associate in the School of Social Policy at the University of Birmingham.
Sashka Stoedinova (University of Birmingham); Research and Development
Expenditure and Firm Performance in the UK. Completion year: 2017. Now
Transformation Lead at the Department of Health.
Marco Giansoldati (University of Birmingham); Determinants and Effects of Trade
Credit Financing Microeconometric Evidence from China. Completion year: 2017.
Now researcher at the University of Trieste, Italy.
Jing Du (University of Birmingham); Political Connections in China: Determinants
and Effects on Exporting Behaviour and Financial Health. University of
Birmingham (ongoing). Was awarded the Neil Hood and Stephen Young prize for
the most original new work at the 42nd AIB (UK & Ireland chapter) annual
conference held at Manchester Metropolitan University Business School in April
2015. Completion year: 2016. Now lecturer at the University of Birmingham.
Sunitha Vijayakumaran (Durham University); Leverage and debt maturity of
Chinese listed firms: Determinants and effects on corporate performance.
University of Birmingham. Completion year: 2016. Now lecturer at the Department
of Finance, University of Jaffna, Sri Lanka.
Jinghua Wang (Durham University); SME Financing in the Zhejiang Province: the
Role of Civilian Lending. Fudan/Durham University; DBA. Completion year:
2016. Now controlling shareholder of China Kings Resources Group Co., Ltd;
Hangzhou; China.
Ratnam Vijayakumaran (Durham University); Corporate Governance and
Corporate Finance: Evidence from Chinese Listed Companies. Durham University.
Completion year: 2015. Now lecturer at the Department of Finance, University of
Jaffna, Sri Lanka.
Pei Liu (Durham University); R&D and Financing Constraints: Evidence from
China. Durham University. Completion year: 2015. Now lecturer at Newcastle
University.
Junhong Yang (Durham University); Mergers and Acquisitions, Investment and
Financing Constraints in China. Durham University. Completion year: 2014. Now
lecturer at the University of Sheffield.
Feng Yue (Durham University); The Effects of Financial Constraints on Firms’
Behavior in China. Durham University. Completion year: 2011. Now at the China
Culture Industrial Investment Fund in Beijing.
10
Minjia Chen (University of Nottingham); Financial Effects on Firms’ Investment,
Employment, and Productivity: Evidence from China. University of Nottingham.
Completion year: 2011. Was awarded the Chinese Economic Association (UK)
prize for one of the three best papers presented at the 2008 annual conference PhD
colloquia. Now lecturer at Nottingham University Business School.
Agyapomaa Gyeke-Dako (University of Nottingham); Multinationals and
Financial Constraints: Evidence from Ghana and China. University of Nottingham.
Completion year: 2011. Now lecturer at the University of Ghana Business School.
Muhamed Zulkhibri Abdul Majid (University of Nottingham); Assessing the Credit
and Cost Channels of the Monetary Transmission Mechanism in Malaysia.
University of Nottingham. Completion year: 2010. Now at the Central Bank of
Malaysia.
Evren Ceritoglu (University of Nottingham); Precautionary Saving in Turkey.
University of Nottingham. Completion year: 2009. Now at the Central Bank of
Turkey.
Harshana Kasseeah (University of Nottingham); Capital Structure Choice and
Financing Behavior of Small and Medium-Sized Enterprises in the UK and China.
University of Nottingham. Completion year: 2008. Was awarded the Chinese
Economic Association (UK) prize for the second best papers presented at the 2007
annual conference PhD colloquia. Now lecturer at the University of Mauritius.
Kullapat Suetrong (University of Nottingham); Strategic Plant Location of FDI.
University of Nottingham. Completion year: 2007. Now with the Royal Thai
Government.
Mariacristina Rossi (University of Essex); Essays on Savings. University of Essex.
Completion year: 2004. Now at the University of Torino.
Yiing-Jia Loke (University of Essex); Recent Trends in Payments Systems: Theory
and Evidence. University of Essex. Completion year: 2001. Now at the University
of Science Malaysia.
Ongoing
Samuel Perry; Economic shocks and mental wellbeing in developed countries.
(ongoing, ESRC funded).
Fangzhou Xu; Economic shocks and mental wellbeing in developing and transition
countries. (ongoing, funded by a University of Birmingham Global Challenges
Scholarship)
Nanijie Guan; Financial literacy and depression. (ongoing).
Jingmin Zhu; Community characteristics, urbanization, and health in China.
(ongoing).
Pei Yu; Indebtedness and mental wellbeing: Evidence from China. (ongoing).
Huanjia Ma; Family/social networks and household saving/consumption in China.
(ongoing).
11
Dawit Zemedikun (Co-supervisor); Exploring, quantifying and updating estimates
of the economic burden of low back pain in the UK using routine data. (ongoing).
This student is based at the Health Economics Unit (Institute for Applied Health
Research; College of Medical and Dental Sciences).
Wei Jin; Economic shocks and health-compromising behaviors in China and
Russia. (ongoing)
Chenyang Wang; Understanding the determinants of entrepreneurship in China.
(ongoing)
Lin Tian; How does health affect portfolio choice? Evidence from China’s over 45.
(ongoing)
Siyao Yang; Multiple home ownership in China: Determinants and effects on
consumption patterns. (ongoing)
Lin Fu; Understanding the determinants of unhealthy behaviours among the
Chinese middle-aged and elderly population. (ongoing)
Areas of research
To what extent are financial and physical health linked?
Why do Chinese households save so much and why do they hold such a large
fraction of their savings in cash?
How can Chinese firms experience extremely high growth rates, in spite of the
malfunctioning of the Chinese financial system?
Is there evidence of investment misallocation in China owing to the inadequacy of
the Chinese financial system? In detail, are soft budget constraints still present in
the Chinese economy, leading to a misallocation of financial resources, and
therefore of investment, in favor of the (least efficient) state-owned enterprises?
Is there evidence of ‘overinvestment’ in China, thus threatening the Chinese
economy? If so, which firms' characteristics are likely to be associated with this
behavior?
Is there evidence of rapid and dramatic structural changes in the industrial sector in
China, with considerable divestment as well as heavy investment, and how can this
be explained?
How does investment in social capital affect the financing decisions of Chinese
small and medium-sized enterprises (SMEs)?
To what extent did changes in the interest burden from debt-servicing affect firm
survival in the UK during the recent financial crisis?
How does investment irreversibility affect the relationship between investment and
cash flow?
How can the resilience of Asian firms to the recent financial crisis be explained?
Does the way in which investment opportunities are measured affect the
investment-cash flow sensitivities of unlisted SMEs?
12
Published outputs Journal articles
1. “To what Extent does Liquidity affect M&As’ Method of Payment and
Performance? Evidence from China” (with J. Guo and J. Yang). Journal of
Corporate Finance, 2019, 54, 128-152.
2. “Time to tighten the belts? Exploring the relationship between savings and
obesity” (with K. Pickering, M. Monahan, and T. E. Roberts). PLoS ONE, 2017,
12(6): e0179921. https://doi.org/10.1371/journal.pone.0179921.
3. “Adjustment Behavior and Value of Corporate Cash Holdings: The China
Experience” (with J. Yang). European Journal of Finance, 2018, 24 (16), 1428-52.
4. “To what Extent are Savings-Cash Flow Sensitivities Informative to Test for
Capital Market Imperfections?” (with J. Tsoukalas and S. Tsoukas). Review of
Finance, 2017, 21 (3), 1251-85.
5. “How does the Interest Burden Affect Firm Survival? Evidence from UK Firms
during the Recent Financial Crisis” (with M. Spaliara and S. Tsoukas). Oxford
Bulletin of Economics and Statistics, 2016, 78, 4, 776-594.
6. “Managerial Incentives, Corporate Governance, and Exporting Decisions:
Evidence from Chinese Listed Companies” (with R. Dixon and R. Vijayakumaran).
European Journal of Finance, 2017, 23, 7-9, 802-40.
7. “A Balancing Act: Managing Financial Constraints and Agency Costs to Minimize
Investment Inefficiency in the Chinese Market” (with J. Yang). Journal of
Corporate Finance, 2016, 36, 111-130.
8. “The Determinants of Productivity in Chinese Industry, 1998-2007” (with S. Ding
and R. Harris). Journal of Productivity Analysis, 2016, 45, 2, 131-155.
9. “Does Political Affiliation Affect Credit Extension? Evidence from China” (with
S. Mateut). European Journal of Finance, 2016, 22, 4-6, 319-344.
10. “Do Social Capital Building Strategies Influence the Financing Behavior of
Chinese Private Small and Medium-Sized Enterprises?” (with J. Du and A.
Newman). Entrepreneurship Theory and Practice, 2015, 39, 3, 601-31.
11. “Does the Investment Opportunities Bias Affect the Investment-Cash Flow
Sensitivities of Unlisted SMEs?” (with B. D’Espallier). European Journal of
Finance, 2015, 21, 1, 1-25.
12. “To what Extent do Financing Constraints Affect Chinese Firms’ Innovation
Activities?” (with P. Liu). International Review of Financial Analysis, 2014, 36,
223-240.
13
13. “The More the Better? Foreign Ownership and Corporate Performance in China”
(with D. Greenaway and Z. Yu). European Journal of Finance, 2014, 20, 7-9, 681-
702.
14. “Financial Constraints and Firm Productivity in China: Do Liquidity and Export
Behavior Make a Difference?” (with M. Chen). Journal of Comparative
Economics, 2013, 41, 4, 1123-40.
15. “Technological Asymmetries and Strategic Plant Location for Export-Platform
Foreign Direct Investment” (with A. Mukherjee and K. Suetrong). The Manchester
School, 2013, 81, 5, 712-29.
16. “Investment and Financing Constraints in China: does Working Capital
Management Make a Difference?” (with S. Ding and J. Knight). Journal of Banking
and Finance, 2013, 37, 5, 1490-1507.
17. “Investment, Irreversibility, and Financing Constraints: Evidence from a Panel of
Transition Economies” (with J. Tsoukalas and S. Tsoukas). Economics Letters,
2012, 117, 3, 582-584.
18. “Volatility, Financial Constraints, and Trade” (with M. Garcia de la Vega and M.
Spaliara). International Review of Economics and Finance, 2012, 21, 57-76.
19. “Internal Finance and Growth: Microeconometric Evidence on Chinese Firms”
(with X. Liu and L. Song). Journal of Development Economics, 2011, 96, 1, 79-94.
20. “Inventory Investment, Global Engagement, and Financial Constraints in the UK:
Evidence from Micro Data” (with S. Mateut). Journal of Macroeconomics, 2010,
32, 1, 239-50.
21. “Could Financial Distortions be no Impediment to Economic Growth After All?
Evidence from China” (with S. Poncet). Journal of Comparative Economics, 2008,
36, 633-57.
22. “Cash Flow, Investment, and Investment Opportunities: New Tests using UK Panel
Data” (with R. Carpenter). Journal of Banking and Finance, 2008, 32, 1894-1906.
23. “Internal Financial Constraints, External Financial Constraints, and Investment
Choice: Evidence from a Panel of UK Firms.” Journal of Banking and Finance,
2008, 32, 1795-1809.
24. “Financial Constraints, Global Engagement, and Firm Survival in the UK:
Evidence from Micro Data” (with S. Bridges). Scottish Journal of Political
Economy, 2008, 55, 4, 444-464.
25. “Does Low Education Delay Structural Transformation?” (with P. Basu). Southern
Economic Journal, 2008, 75, 1, 104-127.
26. “Financial Factors and Exporting Decisions” (with D. Greenaway and R. Kneller).
Journal of International Economics, 2007, 73, 2, 377-95.
14
27. “Foreign Direct Investment, Inequality, and Growth” (with P. Basu). Journal of
Macroeconomics, 2007, 29, 4, 824-39.
28. “Investment Behavior, Observable Expectations, and Internal Funds: A Comment
on Cummins, Hassett, and Oliner (AER, 2006)” (with R. Carpenter). Economics
Bulletin, 2007, 5, 12, 1-12.
29. “Credit Channel, Trade Credit Channel, and Inventory Investment: Evidence from
a Panel of UK Firms” (with S. Mateut). Journal of Banking and Finance, 2006, 30,
10, 2835-56.
30. “The Dynamics of Moonlighting: What is Happening in the Russian Informal
Economy?” (with B-Y Kim). Economics of Transition, 2006, 14, 1, 1-45.
31. “Private Medical Insurance and Saving: Evidence from the British Household Panel
Survey” (with M. Rossi). Journal of Health Economics, 2004, 23, 761-83.
32. “Earnings Uncertainty, Precautionary Saving, and Moonlighting in Russia” (with
B-Y Kim). Journal of Population Economics, 2004, 17, 289-310.
33. “What Determines the Value and Volume of Non-Cash Transactions? Evidence
from a Panel of European and North American Countries” (with Y. J. Loke).
Applied Economics, 2004, 36, 4, pp. 291-303.
34. “Wage Arrears Uncertainty and Precautionary Saving in Russia” (with B-Y Kim).
Economics of Transition, 2003, 11, 3, 493-512.
35. “The Effects of Consumption Variability on Saving: Evidence from a Panel of
Muscovite Households” (with B-Y Kim). Oxford Bulletin of Economics and
Statistics, 2003, 65, 3, 357-77.
36. “Estimating Saving Functions in the Presence of Excessive-Zeros Problems” (with
A. Yoshida). Econometrics Journal, 2002, 5, 435-56.
37. “Superstores and Labour Demand: Evidence from Great Britain” Journal of
Applied Economics, 2002, 5, 2, 233-52.
38. “Liquidity Constraints and Investment Return Behaviour” (with P. Basu).
Economica, 2002, 69, 563-81.
39. “Consumption, Habit Formation and Precautionary Saving: Evidence from the
British Household Panel Survey” (with M. Rossi). Oxford Economic Papers, 2002,
54, 1-19.
40. “Saving Behavior and Earnings Uncertainty: Evidence from the British Household
Panel Survey” Journal of Population Economics, 2001, 14, 4, 619-640. Also
published in Family, Household and Work; Klaus F.; Vogler, Michael (Eds.); 2003.
41. “Voluntary Contributions to Personal Pension Plans: Evidence from the British
Household Panel Survey” (with S. Markose). Fiscal Studies, 2000, 21, 4, 469-88.
42. “Inventory Investment and Capital Market Imperfections: A Generalization of the
Linear Quadratic Inventory Model.” Oxford Bulletin of Economics and Statistics,
2000, 62, 2, 223-42.
43. “An Analysis of the Inventory Behavior in a Q-Theoretic Framework.”
International Journal of Production Economics, 1999, 58, 131-46.
15
44. “The Effects of Financial Constraints on Inventory Investment: Evidence from a
Panel of UK Firms.” Economica, 1999, 66, 43-62.
45. “Production Smoothing, Firms’ Heterogeneity, and Financial Constraints:
Evidence from a Panel of UK Firms” (with F. Schiantarelli). Oxford Economic
Papers, 1998, 50, 63-78.
Edited volumes
Fast Growth Without an Efficient Financial System: Rethinking the role of FDI in
China (in Chinese; co-edited with Changyuan Luo), The Peking University Press
(2013).
Developing China’s capital market: experiences and challenges (co-edited with D.
Cumming, E. Lee, and W. Hou), Palgrave Macmillan (2013).
The Chinese capital markets: Current developments and future implications (co-
edited with D. Cumming, E. Lee, and W. Hou), Palgrave Macmillan (2015).
Work in progress
“Negative Investment in China: Financing Constraints and Restructuring versus
Growth” (with S. Ding and J. Knight). Leverhulme Centre for Research on
Globalization and Economic Policy, Research Paper 12/01. Under review.
“‘Growing out of the Growing Pain’: The Role of Financial Literacy on the
Demand for Life Insurance in China” (with D. Zhang, H. Wang, and G. Fan)
“Financial Health and Obesity among the over 50s in England” (with K. Pickering,
M. Monahan, and T. E. Roberts)
“New Evidence on the Impact of the Great Recession on Health-Compromising
Behaviours of Older Adults in England” (with J. Hall, I. Goranitis, and J. Kigozi)
“To what extent do Changes in Household Composition affect Consumption?
Evidence from China” (with Y. Zhang)
“Health Status and Cash Holdings: Evidence from Chinese Households” (with N.
Horsewood and L. Tian)
“Inventory Investment and the Choice of Financing in China: Does City-Level
Financial Development Play a Role? (with J. Yang, Y. Shi, and Y. Peng)
“To what Extent does Bank Financing Matter for Innovation? Evidence from
Chinese Listed Firms” (with H. Bo an X. Ju)
16
“Financial Inclusion, Informal Finance, and Saving Behaviour: An Empirical
Investigation on Chinese Households” (with D. Li and N. Horsewood)
“Sovereign Debt Crisis, Financial Development and Trade Credit: Evidence from
the Euro area” (with A. Kontonikas, F. da Silva Dernandes, and S. Tsoukas)
Recent and forthcoming seminars and conference presentations
“Inventory Investment and the Choice of Financing in China: Does City-Level
Financial Development Play a Role? (with J. Yang, Y. Shi, and Y. Peng). Presented
at a seminar at the Katholieke Universiteit Leuven in January 2018 and at a seminar
at SOAS in December 2018.
“Disentangling the Link between Financial Health and Obesity among the over 50s
in England” (with K. Pickering, M. Monahan, and T. E. Roberts). Presented at a
seminar at the Health Economics Unit (Institute for Applied Health Research;
College of Medical and Dental Sciences), University of Birmingham in September
2016. Presented at the Health Economics Study Group conference held in
Birmingham in January 2017. Presented at the Household Finance Workshop held
at the University of Sheffield in June 2017 (invited speaker), and at seminars at
Middlesex University and the Home Office in March 2018.
“To what Extent does Bank Financing Matter for Innovation? Evidence from
Chinese Listed Firms” (with H. Bo an X. Ju). Presented at a seminar at the
University of Swansea in March 2017 and at a seminar at the Shanghai University
of Finance and Economics in November 2017.
“To what extent do Changes in Household Composition affect Consumption?
Evidence from China” (with Y. Zhang). Presented at a seminar at the University of
Sheffield in February 2018.
“‘Growing out of the Growing Pain’: The Role of Financial Literacy on the
Demand for Life Insurance in China.” (with D. Zhang, H. Wang, and G. Fan).
Presented at the Money, Macro, and Finance Conference in September 2015
(invited speaker at a policy session). Presented at the Chinese Economic
Association (CEA) annual conference held in Nottingham in September 2015, and
at the Paris 2015 Financial Management Conference held in December 2015.
Presented at a seminar at the University of Trieste in July 2016, and at the
“Financial inclusion, portfolio choice, and household saving in China and beyond”
workshop held in Birmingham in November 2016.
“To what Extent does Liquidity affect M&As’ Method of Payment and
Performance? Evidence from China” (with J. Guo and J. Yang). Presented at the
Paris Financial Management Conference in December 2016.
17
“Health Status and Cash Holdings: Evidence from Chinese Households” (with N.
Horsewood and L. Tian). Presented at the International Conference "Population
Aging: New Challenges for Public Policy" held at the Central University in Finance
and Economics in Beijing in November 2015.
“A Balancing Act: Managing Financial Constraints and Agency Costs to Minimize
Investment Inefficiency in the Chinese Market.” (with J. Yang). Presented at a
seminar at the GEP research center at the University of Nottingham in October
2012. Presented at a seminar at the University of Tilburg in March 2013. Presented
at seminars at Renmin University and Shandong University (China) and at the 2013
Shanghai Forum (Fudan University) in May 2013. Presented at the 3L Finance
Workshop in Brussels in October 2013. Presented at the Royal Economic Society
Annual Conference held at the University of Manchester in April 2014. Presented
at a workshop on financial sector development and corporate governance held at
the University of Sheffield on June 1st 2015 (invited speaker). Presented at a
workshop on the Chinese economy held at the Katholieke Universiteit Leuven in
July 2015 (invited speaker).
“Adjustment Behavior and Value of Corporate Cash Holdings: the China
Experience.” (with J. Yang). Presented at the fourth Conference on Chinese capital
markets organized by the China Development and Research Center held at the
University of Nottingham, Ningbo, in May 2014.
“Managerial Incentives, Corporate Governance, and Exporting Decisions:
Evidence from Chinese Listed Companies” (with R. Dixon and R. Vijayakumaran).
Presented at the third Conference on Chinese capital markets organized by the
China Development and Research Center held at the University of Edinburgh in
July 2013. Presented at the International Study Group on Exports and Productivity
(ISGEP) conference held at the University of Trento in September 2013 (keynote
speech), and at a seminar at the Katholieke Universiteit Leuven in October 2013.
“How does the Interest Burden Affect Firm Survival? Evidence from UK Firms
during the Recent Financial Crisis.” (with M. Spaliara and S. Tsoukas). Presented
at the 2013 Royal Economic Society Conference in April 2013.
“Does Political Affiliation affect Credit Extension? Evidence from China” (with S.
Mateut). Presented at the 23rd Chinese Economic Association (UK) and 4th
Chinese Economic Association (Europe) Annual Conference in April 2012.
Presented at the second Conference on Chinese capital markets held at the Durham
University China Development and Research Center in June 2012.
“Does China Overinvest? Evidence from a Panel of Chinese Firms” (with S. Ding
and J. Knight). Presented at a seminar at the Katholieke Universiteit Leuven
University in June 2011 and at the Money, Macro, Finance conference in September
2011.
18
“Negative Investment in China: Financing Constraints and Restructuring versus
Growth.” (with S. Ding and J. Knight). Presented at the workshop on “Globalisation
and Firm Performance in the aftermath of the Financial Crisis” held at the
University of Glasgow in April 2012 and at a seminar at the University of
Manchester in May 2012.
“Financial Constraints and Firm Productivity in China: do Liquidity and Export
Behavior Make a Difference?” (with M. Chen). Presented at a seminar at Kyushu
Sangyo University (Japan, November 2010), and at the 2011 Kiel International
Economics Workshop in May 2011.
“Investment and Financing Constraints in China: does Working Capital
Management Make a Difference?” (with S. Ding and J. Knight). Presented at the
workshop held in Shanghai in association with the opening of the Fudan-Durham
Finance Research Centre in September 2010; the 3rd China GEP conference on
“Enterprise and Labour Market Adjustment in China’s Transition” held in Ningbo
in November 2010; the conference “Financial Constraints, Firm and Aggregate
Dynamics” held at the University of Nice-Sophia Antipolis in December 2010; and
seminars at the Universities of East Anglia, Exeter, Birmingham, Fukuoka (Japan),
and the Osaka University Institute of Social and Economic Research. Presented at
an invited lecture at Shanxi University in Tianyuan, and at the European Financial
Management – Renmin University Symposium in Beijing in March 2011. Presented
at the 2011 International Finance and Banking Society conference on “Financial
Intermediation, Competition and Risk” in July 2011.
Does Social Capital Affect the Financing Decisions of Chinese Small and Medium-
Sized Enterprises?” (with J. Du and A. Newman). Presented at the 2010 Shanghai
Forum and the 21st CEA (UK) Annual Conference in July 2010, and at a seminar
at Kyushu University (Japan) in November 2010.
“Investment, Irreversibility, and Financing Constraints: Evidence from a Panel of
Transition Economies.” (with J. Tsoukalas and S. Tsoukas). Presented at the 2010
Royal Economics Society Conference, at the 25th Meeting of the European
Economic Association held in August 2010, and at the ISIR session at the ASSA
meetings in January 2011.
19
“The More the Better? Foreign Ownership and Corporate Performance in China”
(with D. Greenaway and Z. Yu). Presented at the UNU-WIDER Conference on
“Southern Engines of Global Growth: China, India, Brazil, and South Africa
(CIBS): Financial Flows and Capital Markets” held in Rio de Janeiro in July 2008.
Presented at a seminar at Seoul National University in November 2008, and at the
GEP Conference on “China and the World Economy” held in Ningbo, China, in
November 2008. Presented at a seminar at Aston Business School in December
2008, at a seminar at Loughborough University in March 2009, at the Royal
Economic Society Annual Conference in April 2009, at the Inaugural CEA
(Europe) and 20th CEA (UK) Annual Conference in July 2009, and at the European
Trade Study Group Conference in September 2009. Presented at the first
Conference on Chinese capital markets held at the Durham University China
Development and Research Center in September 2011.
“Does the Investment Opportunities Bias Affect the Investment-Cash Flow
Sensitivities of Unlisted SMEs?” (with B. D’Espallier). Presented at the 2010 Royal
Economics Society Conference.
“Is the Growth of Chinese Firms Constrained by Internal Finance?” (with X. Liu
and L. Song). Presented at seminars at the Universities of Newcastle and Durham
in November 2007. Presented at a workshop on the use of panel data in
macroeconomics and finance, organized by the Money, Macro and Finance
Research Group at the University of Leicester in December 2007. Presented at the
19th UK Chinese Economic Association Conference in April 2008. Presented at a
seminar at the University of Manchester in April 2008; and at a seminar at the
University of Bristol in May 2008. Presented at the conference “Microeconomic
Drivers of Growth in China” held at the University of Oxford in September 2008.
Presented at the conference “Post-Olympic China: globalisation and sustainable
development after three decades of reform” held at the University of Nottingham
in November 2008.
“Could Financial Distortions be no Impediment to Economic Growth After All?
Evidence from China” (with S. Poncet). Presented at the Bank of Spain in
November 2006; at the 18th UK Chinese Economic Association Conference in April
2007; at the Conference “China and the World Economy” held at the University of
Bradford in May 2007; at the 22nd Meeting of the European Economic Association
in August 2007; at the CEA (UK) and CCES joint International Conference on
Transition and Development: Governance, Markets and Growth, held in September
2007 at Fudan University, Shanghai, China; and at a the Chinese Academy of Social
Sciences in Beijing in September 2007.
Invited as main speaker to the Durham University Corporate Forum held in
Shanghai in July 2011. The topic of the speech was: “Financial Growth and
Sustainability in Chinese Firms – the Role of Productivity and
Internationalization”.
Gave a presentation on “Financial Constraints and Exporting” at the Department
for Business, Enterprise and Regulatory Reform (BERR) in August 2008.